Hotel occupancy rates off sharply

Downtown Chicago hotels last month saw a 13.1 percent dive in the average occupancy rate, to 69 percent, compared with the same time a year ago, according to Smith Travel Research. Nationwide, occupancy dropped 10.6 percent, to 51.9 percent.

Pricing dropped as well, leading to double-digit declines in revenue per available room, a key measure of profitability. In downtown Chicago, the decline was 20.6 percent; nationally, it was 12.9 percent.

A 4.3 percent rise in the number of downtown hotel rooms also contributed to local hoteliers' difficulties in filling their rooms, said Ted Mandigo, an Elmhurst-based hotel consultant.